A newly formed RIA has chosen Raymond James' custodial option for independent RIAs.

Prior to forming REI Wealth Management, Raymond Ifert and Lorraine Faedo worked at a Tampa, Fla.-based branch of BNY Mellon, where Ifert was responsible for $850 million in client assets. But Ifert, who has spent more than 30 years in the industry, says he will not be bringing his BNY clients with him.

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